Sahara India Group- What after arrest of Subrata Roy Sahara

I don’t know how the ‘so called’ millions and millions of depositors will react to arrest of Subrat Roy Sahara, Head of Sahara Group, also called Sahara Shree, in Lucknow; but I am certain that the only person going to suffer is the ‘common man’, who had deposited his hard earned money with this Group.

Subrat Roy Sahara after being arrested

The elite class sitting in the comforts of air-conditioned discussion rooms of metros cannot imagine the ground realities of a village or underdeveloped city of eastern belt of Uttar Pradesh, where Sahara Group has made deeper inroads.

When Sahara Group claims that its ‘so called’ Sahara India Pariwar has given direct employment to 1.2 million persons in an area, largely in the clutches of non employment and under employment, they have to be believed, as it is 100% true. They are also to be believed when they say that they are the only hope for their crores of depositors. But, as we can see there are some other angles of this story, which may open our eyes to a grim reality, plaguing the whole financial system of rural India.

Many a times, I confront and ask the depositors of financial companies like Sahara, why they do so. Why they do not go to a regular bank, like me and you. The answer is either due to convenience, or in majority of times, it is due to lack of other options. 

Sahara India Pariwar Logo

In my first hand experience, I had found that the depositors are daily earners, small businessmen, laborers, Rickshaw drivers. These persons still do not have access to our banking system. They have to deposit small amount of money, sometime as little as Rs. 10 daily, which are collected by agents of financial companies like Sahara, in a very convenient manner, at their doorsteps.

If Sahara Group and other companies in the same league are serving last man of the society, then why the Apex Court of the land and SEBI is targeting them. Obviously there are so many reasons behind this activism of these institutions.

Many a times, these financial companies facilitate deposit of unaccounted money, whatever may the quantum, in cash. Bureaucrats, political leaders, Mafia, all without any exception, stack their money with these companies. It is well circulated rumor in eastern UP that one late Chief Minister of Uttar Pradesh had kept his hundreds of Crores in Sahara Group, which was never returned after his untimely death. There must be some reason that every politician of worth, with only some rare exceptions, had made beeline at the weddings of Subrat Roy’s sons.

Digvijay Singh, Congress Leader at wedding of Sahara Subrat Roy's son

Further, if you closely scrutinize the working of a group like Sahara, they will appear to you, at best, working as a sophisticated version of some ponzi scheme operator. They have no any business model, justifying investment of around forty thousands of crores. No business of Sahara India, including Sahara News, Sahara Real Estate, Sahara Housing, Sahara Samay, is giving returns proportionate to quantum of deposits with this group.  In all probability, these groups are giving interest and other returns to their investors, out of their other deposits, which is nothing but a fraudulent act, and bound to explode in the long run.

Subrat Roy Sahara with Vijay Mallaya, co-owner of Force India

If this is the case, how this group had returned more than Rs. 20,000 Crores after being directed by Supreme Court, and as being claimed by the Group in the affidavits placed before the Court and SEBI, as well as in the full page advertisements in national dailies.

The truth is , and that is very bitter, that these deposits have never, yes never, been returned. In my visits to the Eastern Uttar Pradesh, I failed to find a single person, whose deposit has been returned by the Sahara Group.

Sahara Q-Shop, a business reportedly run by Sahara India Group

  

Actually, Sahara Group did a master trick in the whole episode. They simply transferred deposits of these poor and innocent depositors from Sahara Finance to some other sister concern, operating some non existing business, like Q-shop etc. You will need a magnifying lens to find existence of these businesses, in which these illiterate and ignorant investors have become partners or proud owners, in the language of Sahara Group.

Now, they have nothing in their hands. Technically, Sahara Finance has returned their deposits, but they did not get any penny. The biggest challenge before SEBI as well as Supreme Court will be to secure the stake and interest of these micro investors. I hope they will understand and fulfill this great responsibility.

An imaginary depositor at Sahara India- at doldrums

As per latest update, Honorable Supreme Court sent Subrat Roy SaharaShree to jail, despite of best efforts of battery of lawyers, representing him. Mr. Subrat Roy has promised that he will return the money of investors within two months. Let us see what happens in coming days?

Note: Āchary Kalki Krishnan, writer of this blog is an established and renowned Astrologer and Vastu Expert, and mentor of AstroDevam, most reliable website regarding Astrology and related sciences. Famous for his positive outlook and honored by a lot of organizations, Āchary Kalki Krishnan prefers to be addressed as ‘Wellness & Harmony Expert’.
He can be contacted at http://astrodevam.com/contact-us.html


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